An inspiration to all SPACs facing high redemptions

A newsletter recapping the past week's SPAC activity (Feb 20, 2022)

High redemption De-SPAC low float “squeezes” have returned in a big way, apparently.

Starting with Inspirato (ISPO) on Thursday with seemingly all other low float (due to very high redemptions) De-SPACs following suit:

SPAC Track @SPACtrack

$ISPO Inspirato completed its merger with Thayer Ventures last week and endured redemptions of roughly 97% of its public SPAC shares. The stock has had quite a wild trading day (exploitation of the low float)... As of 1 PM, it has rocketed ~540% to $79. Be careful with these!

SPAC Track @SPACtrack

De-SPAC Gainers (2/17/22) $ISPO +648% $CPTN +344% $ANGH +161% $QNGY +31% $FSRD +17% $BRCC +15% $NRGV +14% $LFLY +10% $SST +8% $GSMG +6% *merged 2019-

…and the wild trading continued on Friday:

SPAC Track @SPACtrack

Just another day in De-SPAC land... Movers w/ est. public SPAC shares remaining post redemption: $SKYH ~1.8M (65%) $GLS ~0.8M (+50%) $GRNA ~1.2M with post-closing share registration (incl. PIPE) effective (+50%) $NRGV ~4.1M (+25%) $FSRD ~3M (+10%) $QNGY ~0.7M (+10%)

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The Stats:

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The Deals from the Past Week (3):

1) Software Acquisition Group Inc. III (SWAG) & Nogin

Merger Partner Description:

Nogin delivers Commerce as a Service to leading brands in the fashion, CPG, beauty, health, and wellness industries. The Company's Intelligent Commerce product is a full-stack eCommerce platform that includes R&D, sales optimization, and machine learning, along with artificial intelligence-driven marketing and fulfillment. Known for helping global brands keep pace with big retail and drive predictable profitability, Nogin partners with clients to take the eCommerce operation, team, and data from the ground up—typically in less than 90 days.

• Valuation: $646M EV

• Press Release

• Investor Presentation

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2) Northern Lights Acquisition Corp. (NLIT) & Safe Harbor Financial

Merger Partner Description:

Safe Harbor is one of the first financial services providers to offer reliable access to banking solutions for cannabis, hemp, CBD, and ancillary operators, making communities safer, driving growth in local economies, and fostering long-term partnerships. Safe Harbor, through its partners, serves the regulated cannabis industry and implements the highest standard of accountability, transparency, monitoring, reporting, and risk mitigation measures while meeting BSA obligations in line with FinCEN guidance on CRBs. Over the past seven years, Safe Harbor has processed over $11 billion in transactions with operations spanning 20 states with regulated cannabis markets.

• Valuation: $227.1M EV

• Additional Financing: $60M PIPE

• Press Release

• Investor Presentation

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3) SPK Acquisition Corp. (SPK) & Varian Biopharmaceuticals

Merger Partner Description:

Varian Biopharmaceuticals, Inc. is private precision oncology company developing novel therapeutics for the treatment of cancer. Varian Bio is developing what has the potential to be a best-in-class high-potency, specific atypical protein kinase C iota (“aPKCi”) inhibitor for the treatment of various tumor types in multiple formulations. Recent scientific publications have characterized aPKCi as an oncogene whose activity may play a fundamental role in the regulation of cancer-associated transcription factors including GLI-1 and K-RAS. Varian Bio’s lead drug candidate, VAR-101, is being developed in a topical formulation for the treatment of basal cell carcinoma. VAR-102, an oral formulation, is being developed for the treatment of a wide variety of solid tumors where studies have shown potent aPKCi inhibition would be impactful, including non-small cell lung cancer (NSCLC), pancreatic cancer and colorectal cancer.

• Valuation: $116M pro-forma equity value

• Press Release

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News:

• Trump’s social media app will reportedly go live on Presidents’ Day

• Chamath Palihapitiya has resigned from his Chair position and as a member of the Board of Virgin Galactic Holdings, Inc. (SPCE)

• Circle Valued at $9B in New Transaction Terms Agreed with Concord Acquisition Corp

  • Concord Acquisition Corp (CND) & Circle terminated the existing business combination agreement and entered into a new agreement that values Circle at an enterprise value of $9B. This is 2x the original valuation of $4.5B from back in July 2021

• Warburg [Warburg Pincus Capital Corp I-A (WPCA) & Warburg Pincus Capital Corp I-B (WPCB)] and Barry Sternlicht Partnering on Jumbo, 3-Way SPAC Deal

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Merger Votes/ Completions & More Updates:

• Healthcare Capital Corp. (HCCC) shareholders approved the merger with Alpha Tau Medical

• Astrea Acquisition Corp. (ASAX), HotelPlanner and Reservations.com Mutually Agree to Terminate Business Combination Agreement

Merger Votes Set:

• MedTech Acquisition Corporation (MTAC) & Memic Innovative Surgery (3/9)

• Highland Transcend Partners I Corp. (HTPA) & Packable (3/29)

• Helix Acquisition Corp. (HLXA) & MoonLake Immunotherapeutics (3/31)

• Bridgetown 2 Holdings Limited (BTNB) & PropertyGuru (3/15)

• FirstMark Horizon Acquisition Corp. (FMAC) & Starry (3/16)

• Tailwind Two Acquisition Corp. (TWNT) & Terran Orbital (3/22)

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De-SPAC S-1 Activity (including PIPE resale registrations*):

S-1 filings:

• SES AI (SES)

• Energy Vault (NRGV)

• Anghami (ANGH)

• Satellogic (SATL)

Effective:

• QualTek (QTEK)

• GreenLight Biosciences (GRNA)

• The Oncology Institute (TOI)

*When applicable

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S-4 Activity:

S-4 filings:

• CHP Merger Corp (CHPM) & Accelus

• InterPrivate III Financial Partners Inc. (IPVF) & Aspiration

• Ackrell SPAC Partners I Co (ACKIT) & Blackstone Products

• Waldencast Acquisition Corp. (WALD) & Obagi & Milk Makeup

• Social Capital Suvretta Holdings Corp. I (DNAA) & Akili Interactive

• Dynamics Special Purpose Corp. (DYNS) & Senti Bio

• CF Acquisition Corp. VI (CFVI) & Rumble

• Software Acquisition Group Inc. III (SWAG) & Nogin

• InterPrivate III Financial Partners Inc. (IPVF) & Aspiration

• CHP Merger Corp (CHPM) & Accelus

• Benessere Capital Acquisition Corp. (BENE) & Ecombustible

• Gores Holdings VIII, Inc. (GIIX) & Footprint

• Abri SPAC I, Inc. (ASPA) & Apifiny Group

• Cartesian Growth Corp (GLBL) & Tiedemann Group and Alvarium Investments

• Waldencast Acquisition Corp. (WALD) & Obagi & Milk Makeup

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Upcoming Dates:

Upcoming Announced Shareholder Meetings, Unit Splits, Warrant Redemptions

See the full calendar here.

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Thanks for reading,

SPAC Track

spactrack.io

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